U.S. Retail Sales, BOE, Wal-Mart, Cisco: Week Ahead Aug. 9-16

By James Amott, Greg Miles and Jim McDonald -
Aug 8, 2014

U.S. retail sales probably increased
in July for a sixth straight month, signaling the economy’s
rebound in the second quarter will persist as the job market
strengthens, a report in the coming week is expected to show.

Industrial production in the world’s biggest economy
increased in July, while American consumer sentiment probably
picked up in early August.

The Bank of England releases its quarterly Inflation Report
with new economic forecasts for the U.K. The euro area and Japan
will publish second-quarter growth figures.

SATURDAY, AUG. 9

-China inflation may be unchanged in July, adding to signs the
world’s second-largest economy is stabilizing. Consumer-price
gains slowed to 2.3 percent in June and producer prices fell by
the least in two years. 09:30 in Beijing (08/08 21:30 EDT).

-Kerry in Myanmar. U.S. Secretary of State John Kerry meets with
national leaders in Myanmar and joins counterparts from China
and Japan at a meeting of Association of Southeast Asian Nations
foreign ministers. Asean is seeking ways to ease tensions in the
South China Sea caused by competing territorial claims with
China. Times to be determined.

-Obama’s vacation. U.S. President Barack Obama travels to
Martha’s Vineyard, Massachusetts, for two weeks of vacation. He
has visited the resort island every summer of his presidency
except for 2012, when he was running for re-election.

SUNDAY, AUG. 10

-Turkey holds a presidential election, the first time in the
nation’s history voters have directly elected a head of state.
Prime Minister Recep Tayyip Erdogan is running and seeking an
expansion of the office’s powers. The other candidates are
Ekmeleddin Ihsanoglu and Selahattin Demirtas. Preliminary
results may come late today, with the timing of the official
outcome depending on objections and recounts. The vote will go
to a second round on Aug. 24 if no one achieves a simple
majority.

-China new bank lending may have dropped in July after June
credit growth reached the highest since 2009. The central bank
will also announce money supply data. Time to be determined and
date subject to change.

-Golf. The PGA Championship concludes at Valhalla Golf Club in
Louisville, Kentucky. World No. 1 Rory McElroy of Northern
Ireland began the final major of the season as the bookmakers’
favorite to record three wins in as many starts after victories
at the British Open and Bridgestone Invitational. Tee times and
pairings to be determined.

TUESDAY, AUG. 12

-Kerry, Hagel in Australia. U.S. Secretary of State John Kerry
and Defense Secretary Chuck Hagel meet in Sydney with their
Australian counterparts for annual consultations on security
cooperation and regional and global issues. Times to be
determined.

-U.S. congressional primaries in Connecticut, Minnesota and
Wisconsin. Minnesota Republicans may pick investment banker Mike
McFadden, who is backed by the U.S. Chamber of Commerce, to
oppose Democratic Senator Al Franken in the general election. In
Wisconsin, Republicans will choose a candidate for the 6th
District seat of Republican Representative Tom Petri, who’s
retiring. Click here for times polls close.

WEDNESDAY, AUG. 13

-U.S. retail sales probably increased in July for a sixth
straight month, according to a Bloomberg survey, signaling the
economy’s rebound in the second quarter will continue as the job
market strengthens. The Commerce Department reports at 08:30 in
Washington.

-The Bank of England releases its quarterly Inflation Report
including new economic forecasts. Governor Mark Carney will give
a press conference. 10:30 in London (05:30 EDT).

-Japan’s economy probably contracted in the second quarter from
the previous three months after a sales tax increase. The
government will decide by the end of this year whether to
increase the tax to 10 percent from October 2015 as planned.
08:50 in Tokyo (08/12 19:50 EDT). Click here for the latest
consensus estimate.

-China will announce industrial production and retail sales data
for July and fixed-asset investment for the first seven months
of 2014. Industrial output and investment growth picked up in
June, as second-quarter economic growth accelerated for the
first time in three periods. 13:30 in Beijing (01:30 EDT).

-New YorkFederal Reserve President William C. Dudley will give
welcoming remarks at 09:05 at the New York Fed’s daylong
Conference on the Risks of Wholesale Funding. His comments will
be followed by a keynote speech by Boston Fed President Eric Rosengren. In New York.

-The Bank of Japan releases minutes from its July meeting, when
the board kept policy unchanged and signaled confidence that
inflation will reach the bank’s 2 percent target as forecast.
08:50 in Tokyo (08/12 19:50 EDT).

THURSDAY, AUG. 14

-The Bank of Korea will review its policy rate after holding it
unchanged for a 14th straight month in July as weakened consumer
and business sentiment prompted the central bank and government
to cut their forecasts for 2014 growth. 10:00 in Seoul (08/13
21:00 EDT).

-The Puerto Rico Electric Power Authority, the island’s main
electricity supplier, faces a deadline to repay $671 million of
bank loans after agreeing with creditors to delay payments due
July 31. Prepa has $8.6 billion of debt and may be the first
agency to use a new law in Puerto Rico giving it greater
flexibility to restructure debts.

-Pope Francis arrives in South Korea for a five-day visit that
includes attending World Youth Day as he seeks to shore up
Catholicism in Asia, one of the most-promising growth areas for
the Roman Catholic Church. Francis will be the first Pope to
visit Asia in more than a decade as the Vatican looks to spread
the church’s appeal in a region where it’s being challenged by
the growth of evangelical Christian movements.

FRIDAY, AUG. 15

-U.S. industrial production probably climbed in July, according
to a Bloomberg survey, indicating stronger manufacturing on the
heels of increased demand for motor vehicles and business
equipment. The Federal Reserve releases the figures at 09:15 in
Washington.

-U.S. consumer sentiment probably improved in early August as
employers kept increasing head count and gasoline prices
retreated, according to a Bloomberg survey. The Thomson
Reuters/University of Michigan preliminary figures are released
at 09:55 in Washington.

-Japanese Prime Minister Shinzo Abe may refrain from visiting
the Yasukuni Shrine, which memorializes war dead including World
War II criminals, as he seeks a summit with Chinese President Xi Jinping in November. Past visits to the Tokyo shrine by Abe and
other leaders have sparked anger in China and South Korea. 08:00
in Tokyo. (08/14 19:00 EDT).

-South Africa’s Supreme Court of Appeal hears an application by
President Jacob Zuma to overturn a High Court ruling that
directs the National Prosecuting Authority to hand over tapes to
the main opposition party that were cited as reasons for
dropping graft charges against him. 10:00 in Bloemfontein (4:00
EDT).